WPP Share News (WPP)

LONDON (Alliance News) - Stock prices in London opened slightly lower on Wednesday, with selling pressure easing following Tuesday's steep Italy-inspired losses.WPP had been the worst FTSE 100 performer in opening trade following news former Chief Executive Martin Sorrell will be heading up a new competitor to the advertising agency - though the stock recouped these losses as trading moved on - while Bodycote was the best performer in the FTSE 250 as it raised its full-year expectations.The FTSE 100 index was down 0.1%, or 5.84 points, at 7,626.80 early Wednesday, having closed down 1.3% on Tuesday.The mid-cap FTSE 250 index was down 0.2%, or 39.85 points, at 20,706.91. The AIM All-Share index was flat at 1,079.70.The Cboe UK 100 index was down 0.2% at 12,923.69. The Cboe UK 250 was down 0.3% at 18,917.36, and the Cboe UK Small Companies down 0.1% at 12,700.63.The slightly lower open comes "as the markets drew a deep breath after yesterday's panic sell-off", said Artjom Hatsaturjants at Accendo Markets.In mainland Europe early Wednesday, the CAC 40 in Paris was down 0.6% while the DAX 30 in Frankfurt was up 0.1%. In Milan, the FTSE MIB was up 0.6% as it attempted to claw back some of Tuesday's 2.7% drop.Italy's prime minister-designate Carlo Cottarelli is to meet President Sergio Mattarella again Wednesday as efforts to form a government continue amid unprecedented political wrangling.Italy's anti-establishment Five Star Movement and the anti-immigrant League party had failed to form a coalition government at the weekend after Mattarella refused to approve their nominee for finance minister because he was known for his criticism of the eurozone and Germany.In UK data on Wednesday, the British Retail Consortium showed UK shop prices continued to fall in May. The BRC-Nielsen shop price index declined 1.1% year-on-year in May, the biggest fall since January 2017. Prices of non-food products slid 2.5%, while food prices rose 1.2% as weather, oil prices and other geopolitical factors influenced agricultural markets.Following this, the latest grocery market share figures from Kantar Worldpanel showed sunny weather in the 12 weeks to May 20, as well as "the Meghan Markle effect", helped sales to grow 2.7%.Morrisons performed "particularly well" over the period, Kantar said, with its sales growth of 2.9% ahead of the overall market. Wm Morrison Supermarkets was up 0.3% early Wednesday.Tesco saw sales increase 2.2%, while Sainsbury's sales rose 1.0%. Tesco was down 0.5% in early trade, with J Sainsbury also 0.5% lower.Asda - which is in the midst of a proposed merger deal with Sainsbury's - saw sales rise 2.8% in the period.Meanwhile, WPP fell as much as 1.9% in opening trade - before recouping these losses to be quoted flat early Wednesday - after cash Shell Derriston Capital confirmed the acquisition of an investment vehicle of former WPP boss Martin Sorrell.Sorrell is to be executive chairman of "a company that aims to build a multi-national communication services business focused on growth", with more than GBP200 million at its disposal.Sorrell, who built WPP into an advertising and public relations giant over the course of 33 years, resigned as chief executive officer in mid-April following the conclusion of an investigation into what WPP called "an allegation of misconduct" which it said did not "involve amounts that are material" to the company.Coming just over a month after this, London-listed cash shell Derriston Capital confirmed early Wednesday a Sky News report that it will purchase Sorrell's newly incorporated S4 Capital in a reverse takeover.Derriston said S4 recently raised GBP51 million in equity, with Sorrell himself contributing GBP40.0 million of his own money and the remaining GBP11 million provided by institutional and other investors. S4 Capital also has received non-binding letters of support from institutional investors indicating a willingness to provide more than GBP150 million more to support its acquisitions plans.At the top of the mid-cap FTSE 250 was Bodycote, 4.4% higher after it said it now expects full-year revenue to be higher than previously expected and headline operating profit to be slightly ahead of current consensus.Dunelm was down 1.0% after JPMorgan cut the homewares retailer to Neutral from Overweight, while transport operator Go-Ahead Group was down 3.2% after Liberum cut the stock to Hold from Buy.B&M European Value Retail was down 0.8% despite reporting strong revenue and profit growth for its recently-ended financial year. Revenue for the 53 weeks to March 31 rose 22% to GBP2.98 billion, as UK B&M fascia store like-for-like sales grew 4.7%. Pretax profit climbed 25% to GBP229.3 million.The retailer proposed a final dividend of 4.8p, up 23% on last year, bringing its full-year payout to 7.2p, an increase of 24%.B&M said it has seen a "pleasing start" to first quarter trading, with 3.1% like-for-like growth in B&M fascia stories in the UK, excluding the Easter week.However, the company noted that: "Frustratingly, our 2018 Spring/Summer ranges have seen a slow start due to the exceptionally cold March weather. The disappointing fourth quarter held back what would have otherwise been a very strong second half."In Asia on Wednesday, the Japanese Nikkei 225 index closed down 1.5%. In China, the Shanghai Composite closed down 2.5%, while the Hang Seng index in Hong Kong is down 1.6%.In the economic calendar on Wednesday, Germany's unemployment rate is at 0900 BST. Eurozone consumer confidence and business sentiment is at 1000 BST, with US ADP employment change at 1315 BST and GDP at 1330 BST, with personal consumption expenditures due at the same time.